April was not a great month for the housing market, as sales of both newly built homes and existing homes slowed down. And now, it looks like that slowdown likely continued into May and perhaps beyond.
Over the last 16 months, people's attitudes towards where they live have shifted dramatically, driven by the rise of remote work. For many, gone are the days of living in the bustling metropolis. Instead, they are drawn to more land and more home for their money in the outlying areas. And that's exactly where homebuilders are building more homes.
In many parts of the country, potential homebuyers are noticing the low number of homes for sale. According to many real estate analysts, the situation looks like it's not going to change any time soon, as more Millennials decide they are ready to make their move into homeownership. Learn how to buy a home in a seller's market!
April is an even-numbered month, which means that new home sales fell again. In each of the odd-numbered months this year (January and March), new home sales rose. However, it was just the opposite case in the even-numbered month of February, when new home sales fell. And they fell again in the fourth month of the year.
Just how much of a seller's market is it right now? Well, nearly everyone who plans to sell their home in the next year expects to sell it for more than what they paid.
Even though many people are looking to buy a new home, the lack of available inventory is keeping many of those would-be buyers on the sidelines for the time being. As a result, existing home sales just fell for the third month in a row.
One thing everyone, especially first-time home buyers, considers when looking to buy a house is saving for a down payment. As it turns out, you may not have to save as much as you think to buy a home.
Remember last month when new home construction hit the highest pace since June 2006? Scratch that.
The most recent data on home sales showed that sales may be back on track after stumbling earlier in the Spring. As a result, some of the housing industry’s leading economists continue to expect home sales to increase this year over last year.
California may be known for its sunny weather and warm days, but its the Golden State's housing market that's responsible for all the heat these days. That's because by just about any metric imaginable, housing in California has never been hotter than it is right now.